RLH Corporation Provides Update on Expectations for Asset Sales
RED LION HOTELS (RLH)
Last red lion hotels earnings: 2/27 06:30 am
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US:NYSE Investor Relations:
ir.redlion.com/investor-relations
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Source: GlobeNewswire
DENVER, Aug. 05, 2019 (GLOBE NEWSWIRE) -- RLH Corporation (NYSE:RLH) today provided an update on its owned and leased hotel assets. The Company has been actively engaged in the marketing process for various hotel assets since October 2017. In early 2019, the Company began marketing three assets for sale, specifically, Red Lion Airport Hotel Atlanta, the Hotel RL Washington DC and Red Lion Anaheim Resort. While the sales market for hotels has slowed, the Company remains encouraged by the progress made on the marketing of these three hotels. The Company is in negotiations on various letters of intent or purchase and sale agreements on these assets. It is anticipated the Company will commence marketing the remaining fee simple hotels which include, Hotel RLs in Olympia, Salt Lake City and Baltimore in the next six to twelve months. Estimated gross proceeds from the six unsold hotels are expected to be in the range of $80 to $100 million with net proceeds to RLH of $30 to $40
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